Hogs Rallying as Pork Explodes Higher

Small piglet in farm by krumanop via Adobe Stock Lean hog futures are trading with gains of $1.67 to 2.30 at midday. USDA's national base hog price was not reported on Tuesday morning due to thin volume. The CME Lean Hog Index was back down 54 cents on September 3 at $90.54. The weekly update to the Commitment of Traders report showed managed money trimming 2,812 contracts from their net short position in the week ending on 9/1 at 28,323 contracts. USDA's pork carcass cutout value was back up $7.31 in the Tuesday AM report, at $100.17. The picnic and rib were the only primals reported lower, with the belly back up $24.80. USDA estimated federally inspected hog slaughter for last week at 2.315 million head. That is 62,000 head below the previous week. Oct 26 Hogs are at $83.975, up $1.675, Dec 26 Hogs are at $74.775, up $2.300